Since last year, West Virginia foreclosures rate have considerably increased by almost 250 percent. Surprisingly, the state enjoys a below than national average foreclosures rate, with one filing out of every 4,826 homes. Across the state, subprime mortgage loan products, adjustable rate mortgages in particular, have been blamed for the growing inventory of West Virginia foreclosed homes.
Adjustable rate mortgages are housing loans that were offered during the housing boom six years ago. Many buyers thought that they are actually getting a great deal since they will be paying fixed interest rates, which are lower than average rates, for the first couple of years. Unfortunately, after a certain number of years, the interest rates for these loans will be re-computed and reset based on current interest rates. Many of these homeowners find themselves unable to pay their mortgage dues, which have increased by almost 40 percent.
Despite the high foreclosures activity in West Virginia, the local real estate market still enjoys a balance between sellers and buyers. While sellers welcome the great consumer interests generated by these foreclosure homes, buyers enjoy the wide selection of home styles. As the state looks forward to economic growth fueled by the growing tourism industry, it can be expected that the real estate market will experience an upward trend.
For investors looking to take advantage of this positive outlook, investing in West Virginia houses foreclosure could be the key to amazing profit. Foreclosure homes have been known to offer much return potential especially if buyers are looking for affordable properties that could be turned into rental homes. Realtors like ForeclosureConnections usually provide reliable foreclosure listings to these buyers, making their hunt for bargain foreclosure homes more convenient. Be among the many buyers and investors who have benefited from these foreclosure listings.
More Resources:
- Foreclosure Information
- Foreclosure Homes in Michigan
- Texas Foreclosures
- Virginia Foreclosed Homes
- Foreclosed Homes in Georgia
- Tampa Foreclosure Homes
Email This Post
Print This Post
HUD Fair Housing Equal Opportunity
